Iowa movie industry receives a boost from tax credits

Posted on Monday, August 31st, 2009 at 3:47 am    

The Iowa business entertainment industry has received a boost from a two-year-old tax incentive. The incentive adopted in 2007 gives tax breaks to film projects.

Because of the incentive, more than 20 film projects in Iowa have benefited from $32 million in tax credits. Although the tax credit translates into a loss in direct tax revenue, the additional business has generated a net surplus of $810,000 for state revenue, according to a state economic analysis.

Other economists suggest that the tax credits have not only led to a net surplus in overall tax revenue but also have boosted total gross domestic product and employment figures. 

If your business is new to Iowa and you have questions concerning Iowa business law, contact the Iowa business formation lawyers of LaMarca Law Group, P.C. at (877) 327-2600.


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